News & Updates
New Brunswick's financial services regulator has proposed guidelines for asset transfers to shared risk plans
July 12, 2024
New Brunswick’s financial services regulator has proposed guidelines for asset transfers to shared risk plans.
Here are some key points you should know:
- The guidelines were proposed to set out the general expectations and requirements of the Superintendent of Pensions when transferring assets from a pension plan to a shared risk plan.
- Before the asset transfer occurs, the pension plan administrator of either plan must seek the Superintendent’s consent.
- Members of the receiving plan must receive notice if there’s a change in their receiving plan due to the asset transfer. The transferred members must also receive advance notice of the asset transfer.
- Upon the transfer of assets, the plan administrator must file a confirmation with the Superintendent of Pensions.
New Brunswick's Financial and Consumer Services Commission request that any written comments to the proposed guidelines be submitted by August 12, 2024.
To read the full document, click the link below:
